atta boy lucas May 30, 2014 - 10:00 AM PDT
Redknee Announces Normal Course Issuer Bid
TORONTO, May 30, 2014 /CNW/ - Redknee Solutions Inc. (TSX:RKN). Redknee Solutions Inc. (the "Company") announced acceptance by the Toronto Stock Exchange ("TSX") of the Company"s notice of intention to make a normal course issuer bid (the "Bid") in the open market through the facilities of the TSX.
Pursuant to the TSX notice, the Company proposes to purchase, from time to time, up to an aggregate of 9,358,502 common shares on the TSX, which is the maximum number of shares permitted to be purchased under the TSX rules, being 10% of the public float for the Company"s common shares.
The specific timing and number of common shares purchased pursuant to the Bid will vary based on market conditions, regulatory requirements and other factors. The Company will not purchase more than 118,252 common shares on the same trading day, which represents 25% of the average daily trading volume of the common shares during the last six months of 473,011 common shares. The price that the Company will pay for any common shares will be the prevailing market price of such shares on the TSX at the time of acquisition. The purchases will be made by the Company in accordance with the TSX rules and policies. All common shares purchased by the Company pursuant to the Bid will be cancelled.
The Board of Directors of the Company believes that the Bid is in the best interests of the Company and is a desirable use of corporate funds.
Purchases over the TSX may commence on June 3, 2014 and the Bid will expire on the earlier of the date on which purchases under the Bid have been completed and June 2, 2015.